Hi All,
Locks changed by banks due to property being vacant.
Do we still have the right to enter the property with owners permission since they still own the property?
I have experienced this on the last 7 houses I looked at in pre-foreclosure. In some cases the neighbors mentioned they have been vacant for 6mo to a year.
Why are they moving out so soon when there is still time to correct their situation or atleast live free of rent until commissioners sale?
Thanks Joe
HEY JOE: I WOULD THINK YOU CAN ENTER THE PROPERTY. I JUST BOUGHT A PROPERY SUB/2 BECAUSE THE HOMEOWNER WAS BEHIND 3 PAYMENTS, AND THE BANK WAS READY TO “SECURE” THE PROPERTY THAT EARLY IN THE PROCESS. I INFORMED THE BANK THAT THE BACK PAYMENTS WERE BEING FED/EXED OUT THE NEXT DAY, BUT THEY SAID THEY HAD AN OBLIGATION TO PROTECT “THEIR”
PROPERTY EVEN BEFORE THE ACTUAL FORECLOSURE PROCESS BEGAN. I WAS KIND OF SHOCKED THAT THEY TOOK SUCH A HARDLINE APPROACH SO EARLY IN THE PROCESS.
I DON’T KNOW WHY YOUR CURRENT HOMEOWNERS WOULD MOVE OUT SO EARLY. HERE IN MICHIGAN, THERE IS A 6 MONTH REDEMPTION PERIOD BEFORE THEY HAVE BE TO OUT OF THE HOUSE. MY GUESS IS THAT THE HOMEOWNERS JUST DIDN’T KNOW
AND THEY BELEIVED WHATEVER THE BANK TOLD THEM.
JUST BE CAREFUL. YOU SOUND LIKE A SEASONED INVESTOR, BUT DON’T GO BY WHAT THE HOMEOWNER SAYS. HAVE THE HOMEOWNER SIGN AN AUTHORIZATION TO RELEASE INFORMATION SHEET AND FAX IT TO THE BANK. THIS GIVES YOU THE OK TO TALK TO THE BANK ABOUT THE SPECIFIC PROPERTY. YOU CAN GET THE REAL STORY FROM THEM.
I THINK’S IT’S A LITLE UNUSUAL FOR THE BANK TO CHANGE THE LOCKS EARLY IN THE PROCESS, BUT I SUPPOSE EACH INDIVIDUAL CASE IS DIFFERENT.
Hi Johnnymac,
Yea I just started in on this side of the business with foreclosures, due to the competition. I have tried to locate the home owners,but no luck so far. From my understanding there is no right of redemtion until after the commissioners sale. The property will only have a redemtion right of one year if the property sells for less than 2/3 of the valve.
In KY they advertise the property in default three weeks before they cry out at the steps. I need to probably due more reseach to get this information when its filed at circuit court. But in some counties they are not very willing to release this information to you! If I could locate these vacant owners, I believe the time invested would be worth ??$$.
Thanks Joe
I had an owner in foreclosure and the bank’s property manager changed the locks before the auction. The owner called the bank had a few words and then cut the padlock and put on his own locks.
Most time they move out early to avoid being in a stressful environment.